Question

John took a loan of rs. 1500 with simple interest for as many years as the rate of interest. If he paid rs. 540 as interest at the end of loan period, what was the rate of interest?

Answer 1

1. From the above given problem P=1500 SI=540 let R=x and T=x we know that SI= PTR/100 ;540= 1500×X×X/100 540×100=1500×X×X ;36=X×X X=6 Therefore time period = 6years ;rate of interest= 6% . hence solved

Answer 2

Answer:

6%

Step-by-step explanation:

Let x be the rate of interest

We are given that simple interest for as many years as the rate of interest

So, Time = rate of interest =x

Principal = Rs.1500

Simple interest = $\frac{P \times R \times T}{100}$

He paid rs. 540 as interest at the end of loan period

$540=\frac{1500 \times x \times x}{100}$

$540=\frac{1500x^2}{100}$

$540=15x^2$

$\frac{540}{15}=x^2$

$36=x^2$

$\sqrt{36}=x$

$6=x$

Hence the rate of interest is 6%